Virtual Reality in Gaming Market to Record an Exponential CAGR by 2031, TMR Study

The global virtual reality in gaming market is consolidated with a few large-scale vendors controlling a majority of the market share. Most firms are significantly investing in comprehensive research and development to enhance their market share. Expansion of product portfolios and mergers and acquisitions are prominent strategies adopted by key players. Key players in the market are also investing in the development of advanced virtual reality hardware based on GPU-as-a-service cloud capabilities. Apple, Inc., bHaptic, Inc., Electronic Arts Inc., Google LLC, HTC Corporation, Juego Studio Pvt. Ltd., Magic Leap, Inc., Microsoft Corporation, Nintendo Co., Ltd., Nvidia Corporation, Oculus VR LLC, Qualcomm, Inc., Samsung Electronics Co.Ltd., Sony Corporation, Survios, Inc., Teslasuit, Ubisoft Entertainment SA, Unity Technologies, Virtuix OBni, and VirZoom Inc. are the prominent entities operating in the market.

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Virtual reality game system is a term used to describe a new generation of computer games integrated with virtual and augmented reality that offers players a truly immersive, first-person perspective of gameplay. Participants can experience and influence the game environment through various VR gaming devices and accessories, including VR headsets, sensor-equipped gloves, and hand controllers.

R&D of new technologies, such as Full High Definition (FHD), Ultra-High Definition (UHD), and 4K displays, have boosted the adoption of TVs for watching movies and playing games. Rise in investments in advanced technologies has also contributed to the growth of virtual reality in the gaming industry. VR in gaming offers a realistic representation of gameplay, which makes it more intuitive and lucrative for players. 3D gaming glasses can help achieve the feeling of real presence in five aspects including interaction, emotions, immersion, real-time, and cognitive science. Oculus Rift 3D gaming glasses are equipped with two HD screens for both eyes and offer a better view during gameplay.

Continuous improvement in graphics performance is expected to drive the future of VR gaming industry. Gaming companies are using powerful graphic processors to integrate virtual and imaginary environments in order to offer the best VR games. Graphics play a vital role in offering a realistic gaming experiences. Technologies such as 3D effects and interactive graphics provide real-time experience to users during gameplays and in VR walking platforms.

Companies operating in the market are adopting cloud technology to offer enhanced gaming experience. Cloud technology enables the modification of gaming libraries and stores games for instant access to user profiles. Additionally, the technology offers an inclusive range of features including live streaming, unlimited storage capability, and connected devices, thereby propelling the future of online gaming industry. Cloud reduces the demand for high-cost offline gaming DVDs and disks. The high initial cost of buying high-end gaming equipment is a major deterrent to numerous gamers; however with recent innovations in cloud computing technology, this is no longer the case. Gamers have unlimited access to critical computing resources on-demand (processing and storage) through cloud gaming, enabling them to play high-end games online, even on very low-end consoles. Thus, the integration of cloud technology in VR gaming is propelling the market.

North America held a dominant share of the global virtual reality in gaming market in 2021. It is expected to maintain its dominance during the forecast period. Growth of the market in the region can be ascribed to the rise in demand for advanced VR gaming consoles empowered with technologies such as VR/AR, 8K, and 4K resolutions, IoT, cloud streaming, and 3D graphics. The U.S. and Canada contribute significantly to the market in North America. The U.S. is expected to hold more than half the share of the market in North America during the forecast period.

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Europe follows North America in terms of the revenue share of the global virtual reality in gaming market. Demand for virtual reality in gaming in the region is majorly driven by countries in Western Europe; however, Eastern Europe is witnessing a significant rise in the adoption of virtual reality in gaming.

The virtual reality in gaming market in Asia Pacific is anticipated to grow at a significant pace during the forecast period due to increase in disposable income and rise in the popularity of VR gaming and mixed reality in gaming in the region. The United Arab Emirates (UAE) is the regional leader in the virtual reality in gaming market in Middle East & Africa. Several startups are developing VR products in the UAE; therefore, it offers an attractive opportunity for the market in the region.